THE CHINA MAIL, FRIDAY, JUNE 10, 1960.
The fantastic success London
of the
Volkswagen concern
One of the most extraordinary phenomena of West European trade since the war
has been the fantastic success of the Volkswagen concern.
Alexander Thomson has visited
Volkswagen headquarters on the eve of a fresh development in its unique history:)
BY ALEXANDER THOMPSON
Wolfsburg, June 9.
Five miles from the Iron Curtain I watched Volkswagen cars rolling off
the assembly line at the rate of one car every 18 seconds.
And every second car they tok me as I tramped round part of the 7,700,000 square feet of the factory space was for selling outside Germany,
I came .here because the shares in the Volkswagen con- cern, still state-owned are to be sold to investors some time in the caming year.
*
will have One price I heard mentioned year every one three-week holiday on full pay. was 300 marks (roughly £25)
the What
coeninga timme. about Volkswagen share offer?
Only the broad outlines have been settled so far,
The idea I gathered from my talks is to have about 8 million shares of 100 marks each.
They will be called "people's It is reckoned that the pre-shares" and 60% of then will sent day value of this remark- be offered by the West German able business is at least £150 Government in the first place only to Germans in the lower income groups.
million.
Hitler, you will remember had the people's car idea In the late nineteen thirties but it never came off.
went
The original factory straight into war work instead. And in the bombing, two thirds
of it was destroyed,
SUCCESS STORY
The present "Mr Volkswagen" is a 61-year-old engineer named Professor Heinz Nordhoft who trained with, America's General Motors.
He came here 12 years ago and has built up the firm's from dazzling success
rubble and ashes.
story
Today the plant extends over 1535 acres. Two huge produc-
tion shops each a mile long are
set amid spacious
trim flower beds.
lawns and
The output is running at a
After the "small folk" hart had the first plek any shares left over will be offered to richer Germans,
But no one will be allotted more than 10,000 marks (£850) worth in this big flotation
All the money", raised from the deal will go into a founda- tion for scientific development in Western Germany.-London Express Service.
Many problems
face
Malaya, Singapore
common market talks
By GORDON HUNG
Kuala Lumpur (By Airmail).
rate of 3,200 cars a day. By There will always be a Causeway and more than
the end
the year it will
be raised to 4,000, Alongside the sparkling fac- lory has sprung up the township of Wolfsburg. taking its name from an old castle.
Some 60,000 people now live
them
in this little bit of modern lower Saxony and 25,000 of have jobs in the Volkswagen factory, Another 12,000 mule each day iron surround- ing villages.
com.
Under Professor Nordhoff's leadership the plant here has already more than doubled its size. Now it is being enlarged still further.
Women in blue jeans work alongside men on the production Lincs.
They do two shifts a day- from 5.30 in the moming until 2 o'clock in the afternoon and from 2.00 pm. lo 10.30 p.m.
Each shit has one 30-minute break-und that is the lot,
But
likely there will always be customs checkpoints at the Federation side, but the common market talks which are due to start in Singapore this month may make it more of an open road and less of a barrier.
London The share market at
shows gains
#K Bank Lombard Union Wheelock
May 12
1295
47148
June &
a glance ⭑
Dividend * Bouns
$3.40
May 10 May 26
June 2
1280
1835
· 1915
1210a
4 x
44x4*
424
91
sib
90b
90b
92b
7.30
7.10
7,20
7.05
8.90
HK Whart
248
258n
244
238m
2320
HK Docks
126
114
115
113
105
Talkoo Docks
6554
60
39
58a
$2.80
Provident
29.40
21.20
21.60
20.00
20.20
100
$1.10
HK Hotels
4434
40
42
4234
4034
-1.75
$2.75
UK Lands
6434
60
59
5814
-2.50
HK Bealty
1.95
2.075
1.875
1.85
023
HK Tramu
34
གན་་
3214
3134
Blar Ferry
182
1826
180
1806
172
$154
Blondy
$2.05
Yaumalis
138
178
174
171
168
$8.50
Ch Light
24.10
2214
22.80
2214
21.80
Electrics
3014
28.30
28.70
28.30
27.60
$1.90
HK Telephone
40
JB
39
384
37%
$1.15
G. I. Cement
50%
51
54
52
50
$4
Dairy Farm
314
2814
29.20
28.40
27.90
--500
29
28.20
250
2015
26.89%
+10
Lane, Crawford
4216
41
41
101%
4500
Int'l Investment
9.20
8.80
8.80
8.75
8.70%
-50
Allied
6.851
6.65%
6.55%
1,401
6.403
steady
HK FK Inv
16.10
15,909
15.80
15.20
15.30%
+100
Do
most
Textile Corn Nanyang
11.20
10.70
10.90
10.30
1034
300
15.80
15.60
15.90
15.00
15.991
+-30€
$1.10
London, June 9. Plus signs returned to stock markets today helped by Wall Street's advance and some cheering company reports.
of
Industrials scored a long st gains and international favourites tacked on rises after yesterday's falls.
Steels falled to share the gorovni, tendency and shippings had weak spots, but otherwise demand spread across sections
Gilt-edged firmed, Japanese bonds were a duli market in the foreign sector and Grock Issues shaded, Dollar stocks were mixed. Gold look to the uptrack on modest rise. Gold mares lost support and turned irregular,
Coppers were unwanted but tine maintained their steady advance. Diamonds shaded. Rubber closed irregular while icas were quiet,-UPI.
Closing Prices
Gilledged. Bonda
Britle; Transport 30%, 187d/kom
Cursols 131-45-7/18. Consola 4%-£70!4.
Conversion
2611.
Loan 3,
1001-**
A. S. WatsOES
HONGKONG
STOCK EXCHANGE
by
Our Own Correspondent
this
Business done on the Hong-
Exchange kong Stock morning amounted to approxi- Funding Loan J. 139&6 | mately $1,120,000. Ngon quota £81.
tions and the morning's trans. Funding Stock 35%, 1989/2004—–
Funding Loan_4%. 1963/90–1 8914 Savings 3%, 1955/65-£90%. Savings 3%, 1960/70-278-17/18, Savings 39: _1965/75-£73-7/16. Barclay'a Bank "A" Ltd ard-583
Jd,
Banks
Chartered Bank—-62% 3d. Hongkong-£ 63% 967. Lloyd's Bank “A”-638.
Insurance
Union Insurance Canton-£3-27/32,
Aircraft & Motors
Britis Motor Corp, Ort-188
actions:
sbaret HK Bark.
Bales Buyers Bellers
1200 120 62 f 1:5 401215
83 1210
| Unton
... 824 Waterboat. Wheelock 0.85
28
6.95 1000
€95
5:00 6.00
-105
110
HK Dock.
200 Gr 110 200 for 109 107
300
200 106
20.00 30.00 1313 63%
1000 2010
New York
mixed after
r
Yield (%)
4.8
Iomr9.82924363
market turns
recent gains
New York, June 9. ~
The stock market faltered and turned mixed today after three consecutive
days of big gains this week.
Some of them posted wide gains
Getty Oli
The best performers were Heavily traded losers Included/General Telephone high quality Issues which Wall Zenith, down 1%, Chrystler 1% Georgia Pasic Corp. Streeters call "blue chips." Bethlehem 144. General Dyna- Gillette Co.
mies 1%, General Electric 1%, Goodrich, B.J. Co. and as they are heavily weight- New York Central and General Goodyear Tyre & Rubber ed in some of the market Motors 4.
Dow Jones stock overages: averages these averages looked better than! the market whole.
as $ 30 Indi.
20 Rs. 15 Utle.
Silos
The Associated Press average of 60 stocks rose 1.00 to 224.00. The Dow Jones 30 Industrials average was up 8.07 to 856.42,
As an example of what the "blue chips" did, Corning Glass was up, Dupont up 6% and Eastman Kodak 5%.
In the list as
whole, though, different story, and was a there were many losers.
Provident
10150
ad
Ford Motor Co-1168 100. Hawker Siddley Group Ord
HC Hotel SK Lond
40%
41 1000
$1
1000494
. 581%
200 Gr 58
it
400 pr ST
Rolls Royce Lid Ord-498. Rootes Ltd, “A”—125.
118
Yaurati
13
+
Standard Triumph International
Breweries
Distillers Com 38.
South African Breweries-28% Bd.
Ballding & Materials Associated Portland Cement-72
It seems likely that the meet- But trying to guess the out- } come of the talks Is no easy ings will be on an official level.
has at the start and a ministerial The Federation matter.
the whole level after the spadework has 3. been reticent about
been done. affair.
The only official statement, given in the House of Repre sentatives last December, is that the Federation will go to the talks with an "open mind."
that
This may be another way of saying
the Federation needs convincing of the useful- iness of the Singapore scheme.
Ten senior officials from the Ministry of Commerce and In- dustry, the Ministry of Finance, automatic vending the Bank of Negara, the Cus- machines seiling soft drinks.tums Department and possibly from Penang, coffee and soup are dolled a representative around everywhere.
the only "free port" area in the The average wage rate for Federation, will attend the first common market men and women is just under talks on the
scheme. 5 shillings an hour and
this
MORE and MORE PEOPLE ARE OPENING
52%
BANK
DEPOSIT ACCOUNTS
with
LOMBARD BANKING
SAFETY SAFETY-NO Capital Depreciation-Your funds remain at your disposal.
✔INTEREST is calculated on a Dally Basis
le. your money is earning interest from the day you deposit” until the day you withdraw.
SECURITY - The Bank's Capital and
Reserves.
ASSETS EXCEED £100,000,000
Interest pald without deduction of United Kingdom income ken
Write today to the General Manager for your copy of
Hank Deposit Accoum" booklet No. AO,14
LOMBARD BANKING
LIMITED BANKERS
Fend Offer: LOMBARD HOUSE, CURZON STREET "PARK"LARE" "LORDOM:13
Associated Bank! LOMBARD BANKING (FÄN TAXY) LTD *P,0. BOX 2854; SELEND FEDOR "FINLAYBON HOUSE, RAFFLES CHAY EINGAPORE, Tolaskona; 3982)
A World-Wide Banking and Flatrice Organization
CUSTOMS DUTIES Off-the-record indications are want that the Federation will certain conditions agreed to on customs duties before diving too deeply into the common market.
In Singapore, there are cus- toms duties on tobacco, petrol and alcoholic drinks. In the Federation, there is an entirely different picture.
For example, import duties to the Federation in the first two months of this year totalled $58 million.
Remove malt liquor ($4.9 million), petrol ($10.7 million). spirits ($3.3 million), tobacco and cigars ($16.7 milion) and there is left about $24 million including the import duty from heavy and fuel cils, sugar, textiles and apparel and "other import duties" the last includ- ing the large number of extras Federation citizens must pay over a wide range, from rev frigerators to lipstick.
It is one of the reasons why the camera trade finds business difficult and diddling the Couse- way customs is almost a na- tlunal pastime.
Goodlous Wall & Load
HK Tram. 31% Ch. Light
Electric
2114
.5
27.00
કરæ ×n N
330 & 5314
450 ir 170
100 g 170
2106622
PROFIT TAKING
Open Close Changes
631.11 850.42 up 7.07 146.30 145.51 or 0.45 30334 90.73 up 0,44 212.80 113.64 up 126
Closing Prices
Allied Chemical Corp.
Arte Chalmers
Aluminum Lad. Aluminum Company
Amerada Petroleum
American Airlines American Con American Cyanamid
---AP.
Grace, WA. & Co. Gulf Oil
Ingersoll Rand
In
Business Mach Int' Harvester Int. Nickel Int. Paper Int. Tel & Tel Jones & Laughlin Kaiser Alurimum Kennecolt Copper, Libby Owens Ford Liggett & Myers Lockheed Adre 32% Lone Star Coment
Lorillard, P. Co.
$ 5414
634 Martin Co.
2016 Merck & Company
37% Metro Goldwyn Mayer
Bhes Minneapolis Honeywell ..
American Sment & Refin
52
301
American Sugar
There was some: brisk proft American Tel. & Tel. taking in
steels and
The rails backed away from an Anaconda Company 2750 attempt to make E penetration of 1000 27.80 recovery high.
500
Orifla
300 27.90
Coal, Steel and Engineering Babcock & Wilcox Lid-30s 11⁄2d. United Steel--788 9d.
Telephone
37%
39
500 63%
1000 Gr 27.0
200 38
Vickers Ltd 348 51,
100 38
Food and Tobacco
108
173%
5003774
British American Tob. Co., Ltd- 028 1d.
Imperial Tobacca 3d.
Co., Lid-678
Miscellanequa Boardman Marden Ltd-43 9d. British Oxygen Ltd. Ord--453. Canadian Pacific Ry-$47. Dunlop Rubber Co-18 720, Gilman Holding Ltd-s 4. Hongkong & China Gates 6d 7. Impériol Chemical-825 1d. Lyons & Co-R
Unilever Lid-173s 9d.
Paper
.
50
3794
SL 4030 SI
Coment Dairy Farm 27.90 27.20
Watson ... Allled Lavest.
Textile
Nanyang Mill
Amal. Rubber
Taikoo Duck 354
Really
Bowater Paper Corp Ord-03 Gd. HK Gas
Radio and Electrical
L... Crow..
Associated Electrical-678 90. Electrical & Musteal-60s Bd. English Electric Co-41s, General Electric--399 6d,
Shipping Indo-China Steam Nav. Co. def
ord-23% 3d.
P&O Steam Navigation def ord- 11s 42.
Stores
Great Universal Stores "A" 10%1⁄2d.
Marks & Spencer Lid-73s jord. Woolworth F. W. Co-606 100. Textiles
Cont J & P Ltd 609 114d. Courtaulds Ltd 70s 3d.
Mines
Cone Goldfields of South Africa-
Cons. Zine Corp. Ord-783. De Beers def 1455.
Hongkong Tin 10s ssd,
'Petsling Tin-es 3d.
Rand-73% 111⁄2d.
Southern Kinto Cons Ltd-283 6d. Union Corp-518.
West Driefontein Goldminlag-895
The common market would probably end some of this petty smuggling. Other advant- sd.
oil ages to the Federation would be
British Borneo Petroleum Syndi larger market for goods pro-eater 5d. duced in Malaya which, in Brush Burmah Petroleum-2s. turn, should develop industrial-
isation.
CAPITAL
It would also eliminate some
of the competition between the
Federation and Singapore in
EL
Bumah-x Od.
Royal Dutch Petroleum-E13-5/10. Shell Transport & Trading-150s
--Reuter.
vying for capital development Yesterday's Closing
Singapore would benefit in a like way.
The Federation has always told manufacturers that they are dealing with a small dome- stic market and that they should not be too sanguine, al Malayan wage rates, of export- Ing.
Inside this common market, a "modified customs union," it would be possible to give pan- Malayan manufacturers strong tariff protection.
HK & FE
Inv.
Int'l Inv....
26.00
their
motors. American Tobacco
decisive
Armco Steel Armour & Co,
March
Amorluted Dry Goods
Attends Refining
Bendix Aviation
Bethlehem Stee!
on
Boeing Airplane
Borden Co.
Volume was 3,820,000 shares compared with 3,800,000 Wednesday.
The list had 505 gainers to Borg Wamer 503 losers in a thoroughly mixed Bridgeport Brads
Burrough Corp market,
Canachon Parific Hwy. Some of the recent fast mov-Case, J. I. Co.
600 $1
ing issues stumbled, including Celanese Corp. Am, 500 28
Cerro de Pasco 20077.0 International Business Machines Chrysler Corp. Cities Service 50 27.80 which lost 9, Polaroid off 54, Minneapolis Honeywell 3% and 10.70 1000 @ 10% Minnesota Mining. 15.90 7.30 57
040
On the other hand, Sears galned 2 for a new high this 200 67 5714
year, Woolworth was up 23% 40057 1.203 1.90 5000 1.25 and Procter & Gamble up 5%
13 13.70 500 13.00
105 1000 @ 401%
500 40
མ
1000 3915
15.30 1000 @ 15.30
Gilman
2
2.20
|
Asia Nav.
1
Humphreys
24,80
-
Star Ferry
174
Macao Mec.
12.30 12.90
Amoy Can.
9375
Cald. Mack.
細
China Expp, Kương 5. H Wing On
8.30
£70
93
23.80
Entertain
Exchange rates
Business was done in the local un- official exchange market this morn ing at the tallowing rates: US. dollars (per $1) Sterling notes (per £1) Australian notes (per 21) Indonesian rupiah (per 100) Siam ficals (per 100) Singapore (Straits)
COMMODITY PRICES
RUBBER
SINGAPORE
12244-123
Even if Singapore could agree
Closing prices all in Straits to tax Singapore'
вя citizens cents per lb. to.b. Malayan ports: heavily
1224-10- as in the Federation No. 1 June. July there are other problems, even No. 2 June with
"limited common No. 3 June which has been sug. No. 4 June gested as a compromise.
Spot rubber unbeled Blanket crepe
market"
а
The Federation Government No. 1 pale crepe considers the scheme a difficult
12112132 17744-118 115-116 122-123 112-113 12852-13015
LONDON Closing prices all in peace
one needing very careful
con-
sideration.
One of the other
difficulties per Ib.:
No. 1 Ray spot
was suggested by the Minister Bettlement nous term: of Commerce and Industry, Mr July/Sept.
Mohammed Khir Johari in his Oct/Dec.
Apr/May
3814-39%
30%-
December statement.
"Because six countries in
General maricets, c.1.f, basis,
Europe, have managed to form
June
July
not
AUG
necessarily follow that
these
stats, erepe
thick June
a common market it does
two countries (Malaya and thin June Singapore)
he said.
can do the same,"
·ÂMSTERDAM
COTTON
LIVERPOOL
3.35
15.07
12.53
1,90
24.0
DISCOUNT RATE.
in
Coca Cola Company Colgate Palmolive ........ Commonwealth Edison Consolidated Edison Continental Cl
Com Products Co. Crane Company' Crows Zetterbach Curtiss Wright
Distill Corp-Seagrams Douglas Aireratt
Dow Chemical
DuPont de Nemours
The big gains by selected quality issues left no doubt the minds of Wall Street' ob- servers that the institutional Eastem Air Lines
Eastman Kodak funds were buying.
Food Machinery & Chem After the market close, eight Ford Motor Ca.... more U.S. federal reserve banks General Dynamics
General Electric cut the discount rate to 31⁄2 per General 2011s cent from 4 per cent, including General Motors the big one in New York. This was seen as a development of major importance and one with bullish implications for stock prices.
No was the most active stock, off at 52%. Second was El Paso Natural Gas, unchanged at 34% and third was Hupp. up at 10.
OFFICIAL NOTICE
Proposal to change a Ship's name
of
Minnesota Mining & Mfg.
251% Morganto Chemical
Montgomery Ward
97% Moore McCormack Lines $125 Motorola Inc.
63% National Bisquit
353 National Cash Register
National Dairy Prod
35 National Distillers 度 National Gypsum
471% Nattoned Lead
274% New York Centra
Northwest AlinCE
Pacific Gas & Elec.
Paramount Pictures
40
317
Oila Mathieson_Chem.
ST
Pan Am World Airways
1214
211
Penney Manis R.A.
Papai Cole....
Pilzer, Charles
42
Phelps Dodge
SETS
Philip Morris
Phillips Petrol
Jith
Pure Oll
Quaker Oats
041 Radio Corporation Bayhteon Company
Republic Steel
49 Beynolds Melale
Beynolds Tobacco
Boyal Detch Pétroi
14
1814
294
St Regis Paper
50%
BJ
Shell Off
Bears Roebuck
215 Shell Transport
231
1344
Sinclair Oil
Socony
Motif Oil
50% South Am Gold & Plat
93
South California Edison Bouthern Company
Sperry Rand
2014 Standard Brands
CANADA'S LARGEST
LIFE ASSURANCE COMPANY
OFFERS YOU £4,315 AT AGE 55
Kien er women, under 45 by setting wide regular monthly, half-yearly or yearly amounts under the SUN LIFE ASSURANCE COMPANY OF CANADA plan can, for example, receive at age 13 a šumą sim 26315 for man or R4,A52 for women—or a private incorne for lite of £}}; year. Any accumulated dividends would be paid in addition, li you are somewhat older than 45 now, the fruits of your saving would dress at. way.. 50 or 65.
1, Sui-Loong Pao of 19 Java 180 Road, 2nd Floor, H.K. hereby con- give notice that in
of sequence
Change ownership I have applied to the Minister of Transport and Civil Aviation under Section 47 of the Merchant Shipping Act, 1894, in re- spect of the British Steam ship Cape St. David of HONG KONG REGISTRY Official Number 168939 Gross tonnage 6767.99 tons Register tonnage 4757,40 tons, hereto-| -----------------......... J. 2. Kaj - voskárruškāniska
£1,300 FOR YOUR FAMILY. If you do not live to centinila parmable regularly unli you are 13, your family would receive £2,300, INCOME TAX SAVED. While you are weřing for your later years in this way, you would be entitled to the proper amount of relies from. any Income Tax, you are now paying..
fore owned by The Saint] Closing prices all in pence per Line, Limited, London, for 1b.:
American Contract July/Aug: 2245 Oct/Nov: 22.25: Dec/2nd: 22.50:- Mar/April: 2205; May/June: 22.85.
: Mixed Contract July/Aug: 22,55)| Oct/Nov: 1200 Dec/Jan: 22.55; Mar/April: 22.83) May/June: 23.
-UPI.
METALS
permission to change ber name to Happy Seafarer and to have her registered in the new name at the Port of HONG KONG as owned by The Norman Shipping Com- pany, Limited.
14
Any objection to the pro- posed change of name must be sent to the REGISTRAR OF SHIPPING HONG KONG within SEVEN dayá from, the appearance of this Closing prices all in sterling advertisement. per long ton:
Tin.
1048.
LONDON
3-month
Copper
Spot .3-month
340 buyere Lead at half due Bept. 34 buyers 1,43 Bizyers Zing ist half June
"The six countries in Europe Closing prices all in guilders managed to do so, because their per kilogram, cif. Jumo: basic political, economic and No. 1 rubber social systems and environment o. aber No. 3 rubber are conducive to the formationdo, 1.re of'm cominỳn' markat.”
Buyers Sellers
101
792
780
21512
241
Dated at HONG KONG the 6th day of June 1960.
The Norman Shipping Company Limited.
S. L. PAO.
Director,
SAFEGUARDS FOR YOU. Guaranteed safeguards, promised by the Company would help you to overcome any financial duiculties you might meet on the way.
The size of the cash sun or private come depends upon your wlabse had the amount you regularly set aside. Adjpmamente can be made to suit your personal requirements — largy of itu. By filing in, and sending the enquiry form (portage 5 cents 12 unsealed) you, enn obtain full details suited to pou - personally.
You are under no obligation if you ask for information.
(Ag, Manager, Hong Kong)
́SUN LIFE OF CANADA
E17, Gloucester Huiding, Hong Kong.
I should like to know more about Your Plah ka bävertimä without incurring sky obligation,
NAME
ADDRESS
(Mr., Mrs., or
Decupation Paket dala në birth
PLENTY
& BON LIS)
CMIÓD
Marine & Industrial PUMPS - FILTERS IMPELATORS
Suitable for all liquids and pastes G.P.0, Box #19. RENEGO mi 24631.